Guide to Contract Administration in Procurement Management

Contract Administration is a vital subset of Procurement Management. Here's a comprehensive guide on it, as per the PMBOK Guide Seventh Edition:

Importance: Contract Administration is critical for ensuring that both parties involved in a contract meet their respective obligations and that their rights are well protected. It contributes to the overall project success by keeping the agreed-upon scope, time, cost, and quality in check.

Definition: Contract Administration involves managing various aspects of the contract such as execution, interpretation, amendment, and execution in accordance to the terms and conditions of the contract agreed upon by both parties involved.

Functioning: Contract Administration begins once a contract has been signed, but the tasks often involved extend throughout the contractual period, up to and beyond delivery and acceptance of the goods or services.

As for preparing for exam questions on Contract Administration here are some tips:
Exam Tips: Answering Questions on Contract Administration
1. Understand the definitions: Make sure you can define Contract Administration and its key terms.
2. Practice scenarios: Look for practice questions that test your understanding of when and how to apply Contract Administration procedures.
3. Review past questions: If possible, review questions from past exams to understand the types of questions and breadth of knowledge required.
4. Learn the processes: Understand how the Contract Administration processes contribute both to contract compliance and overall project management.
Remember, studying Contract Administration is not just about passing the exam but also about improving your skills as a project manager.